John Hancock
California Tax-Free Income Fund
Quarterly portfolio holdings 2/28/2022
Fund’s investments |
As of 2-28-22 (unaudited)
Rate (%) | Maturity date | Par value^ | Value | ||
Municipal bonds 99.5% | $203,011,087 | ||||
(Cost $195,677,185) | |||||
California 97.2% | 198,439,341 | ||||
ABAG Finance Authority for Nonprofit Corporations Sharp HealthCare, Series A | 5.000 | 08-01-43 | 2,000,000 | 2,102,009 | |
Bay Area Water Supply & Conservation Agency Capital Cost Recovery (A) | 5.000 | 10-01-34 | 1,500,000 | 1,839,584 | |
Burbank Unified School District Convertible Capital Appreciation Election 2013, GO (0.000% to 8-1-23, then 4.500% thereafter) | 0.000 | 08-01-37 | 1,770,000 | 1,893,315 | |
California Community Housing Agency Essential Housing Revenue Stoneridge Apartments, Series A (B) | 4.000 | 02-01-56 | 600,000 | 570,065 | |
California Community Housing Agency Verdant at Green Valley Project, Series A (B) | 5.000 | 08-01-49 | 1,000,000 | 1,037,569 | |
California County Tobacco Securitization Agency Fresno County Funding Corp. | 6.000 | 06-01-35 | 1,305,000 | 1,306,625 | |
California County Tobacco Securitization Agency Kern County Tobacco Funding Corp. | 5.000 | 06-01-40 | 1,500,000 | 1,552,742 | |
California County Tobacco Securitization Agency Merced County Tobacco Funding Corp. | 5.000 | 06-01-50 | 485,000 | 546,786 | |
California County Tobacco Securitization Agency Sonoma County Securitization Corp. | 4.000 | 06-01-49 | 1,400,000 | 1,534,036 | |
California County Tobacco Securitization Agency Tobacco Settlement Revenue, Series A | 4.000 | 06-01-49 | 1,000,000 | 1,083,191 | |
California Educational Facilities Authority Pepperdine University | 5.000 | 10-01-49 | 1,500,000 | 1,711,874 | |
California Educational Facilities Authority University of Redlands, Series A | 5.000 | 10-01-35 | 1,000,000 | 1,074,131 | |
California Enterprise Development Authority Academy for Academic Excellence Project, Series A (B) | 5.000 | 07-01-40 | 430,000 | 466,101 | |
California Enterprise Development Authority Academy for Academic Excellence Project, Series A (B) | 5.000 | 07-01-50 | 350,000 | 376,193 | |
California Enterprise Development Authority Academy for Academic Excellence Project, Series A (B) | 5.000 | 07-01-55 | 240,000 | 256,995 | |
California Health Facilities Financing Authority Children’s Hospital, Series A | 5.000 | 08-15-47 | 1,000,000 | 1,145,445 | |
California Health Facilities Financing Authority City of Hope Obligated Group | 4.000 | 11-15-45 | 1,000,000 | 1,119,073 | |
California Health Facilities Financing Authority CommonSpirit Health Obligated Group, Series A | 4.000 | 04-01-40 | 1,500,000 | 1,651,918 | |
California Health Facilities Financing Authority El Camino Hospital | 5.000 | 02-01-42 | 1,000,000 | 1,144,687 | |
California Health Facilities Financing Authority El Camino Hospital | 5.000 | 02-01-47 | 1,425,000 | 1,623,996 | |
California Health Facilities Financing Authority Lucile Packard Children’s Hospital, Series A | 5.000 | 08-15-43 | 1,000,000 | 1,082,518 | |
California Health Facilities Financing Authority Lucile Packard Children’s Hospital, Series B | 5.000 | 08-15-55 | 1,000,000 | 1,132,413 | |
California Health Facilities Financing Authority Standford Health Care, Series A | 4.000 | 08-15-50 | 1,000,000 | 1,118,351 | |
California Housing Finance Agency Series A | 4.250 | 01-15-35 | 963,337 | 1,088,029 | |
California Infrastructure & Economic Development Bank Sustainability Bonds, California Science Center Phase III | 4.000 | 05-01-36 | 1,000,000 | 1,148,036 | |
California Municipal Finance Authority Channing House Project, Series A (C) | 4.000 | 05-15-40 | 1,500,000 | 1,640,361 | |
California Municipal Finance Authority HumanGood Obligated Group, Series A | 5.000 | 10-01-44 | 1,000,000 | 1,124,807 | |
California Municipal Finance Authority Paradise Valley Estates Project, Series A (C) | 5.000 | 01-01-49 | 1,500,000 | 1,762,979 |
2 | JOHN HANCOCK CALIFORNIA TAX-FREE INCOME FUND | QUARTERLY REPORT | SEE NOTES TO FUND’S INVESTMENTS |
Rate (%) | Maturity date | Par value^ | Value | ||
California (continued) | |||||
California Municipal Finance Authority Retirement Housing Foundation Obligation Group, Series A | 5.000 | 11-15-31 | 1,500,000 | $1,755,490 | |
California Municipal Finance Authority West Village Student Housing Project at UC Davis (C) | 4.000 | 05-15-48 | 1,365,000 | 1,475,538 | |
California Municipal Finance Authority Wineville School Project, Series A (C) | 5.000 | 10-01-42 | 2,000,000 | 2,185,429 | |
California Pollution Control Financing Authority San Diego County Water Authority Desalination Project Pipeline (B) | 5.000 | 07-01-39 | 1,000,000 | 1,147,258 | |
California Pollution Control Financing Authority San Diego County Water Authority Desalination Project Pipeline (B) | 5.000 | 11-21-45 | 1,500,000 | 1,700,821 | |
California Pollution Control Financing Authority Waste Management, Inc., Series A1, AMT | 3.375 | 07-01-25 | 1,000,000 | 1,047,368 | |
California Pollution Control Financing Authority Waste Management, Inc., Series A3, AMT | 4.300 | 07-01-40 | 4,675,000 | 5,035,345 | |
California Public Finance Authority Enso Village Project, Series A (B) | 5.000 | 11-15-51 | 725,000 | 793,948 | |
California Public Finance Authority Excelsior Charter Schools Project, Series A (B) | 5.000 | 06-15-50 | 500,000 | 526,259 | |
California Public Finance Authority Excelsior Charter Schools Project, Series A (B) | 5.000 | 06-15-55 | 500,000 | 525,040 | |
California Public Finance Authority Henry Mayo Newhall Hospital | 5.000 | 10-15-47 | 2,000,000 | 2,244,833 | |
California Public Finance Authority Senior Living Revenue Refunding Enso Village Project, Series A (B) | 5.000 | 11-15-46 | 400,000 | 438,887 | |
California Public Finance Authority Trinity Classical Academy, Series A (B) | 5.000 | 07-01-44 | 110,000 | 111,339 | |
California Public Finance Authority Trinity Classical Academy, Series A (B) | 5.000 | 07-01-54 | 325,000 | 326,189 | |
California School Finance Authority Aspire Public School (B) | 5.000 | 08-01-46 | 110,000 | 123,233 | |
California School Finance Authority Aspire Public School (B) | 5.000 | 08-01-46 | 1,165,000 | 1,268,043 | |
California School Finance Authority College Housing Revenue | 4.000 | 11-01-41 | 1,000,000 | 1,039,652 | |
California School Finance Authority College Housing Revenue | 4.000 | 11-01-55 | 580,000 | 591,640 | |
California School Finance Authority Granada Hills Charter High School Obligated Group (B) | 5.000 | 07-01-43 | 1,000,000 | 1,101,039 | |
California School Finance Authority KIPP LA Project, Series A (B) | 5.000 | 07-01-47 | 1,500,000 | 1,673,470 | |
California State Public Works Board Various Capital Projects, Series A (A) | 5.000 | 08-01-36 | 1,000,000 | 1,250,549 | |
California State Public Works Board Various Correctional Facilities, Series A | 5.000 | 09-01-39 | 2,500,000 | 2,707,142 | |
California Statewide Communities Development Authority Adventist Health System, Series A | 5.000 | 03-01-48 | 1,885,000 | 2,204,040 | |
California Statewide Communities Development Authority CHF Irvine LLC | 5.000 | 05-15-40 | 1,485,000 | 1,650,997 | |
California Statewide Communities Development Authority Emanate Health, Series A | 4.000 | 04-01-45 | 250,000 | 278,370 | |
California Statewide Communities Development Authority Front Porch Communities and Services, Series A | 5.000 | 04-01-47 | 815,000 | 925,033 | |
California Statewide Communities Development Authority Infrastructure Program Revenue, Series B | 5.000 | 09-02-44 | 1,000,000 | 1,055,599 | |
California Statewide Communities Development Authority Redlands Community Hospital | 5.000 | 10-01-46 | 2,000,000 | 2,243,389 | |
California Statewide Communities Development Authority Redwoods Project (C) | 5.375 | 11-15-44 | 1,500,000 | 1,606,338 | |
California Statewide Communities Development Authority Statewide Community Infrastructure Program Revenue, Series A | 4.000 | 09-02-51 | 1,000,000 | 1,067,489 |
SEE NOTES TO FUND’S INVESTMENTS | QUARTERLY REPORT | JOHN HANCOCK CALIFORNIA TAX-FREE INCOME FUND | 3 |
Rate (%) | Maturity date | Par value^ | Value | ||
California (continued) | |||||
California Statewide Financing Authority Tobacco Settlement, Series A | 6.000 | 05-01-37 | 2,435,000 | $2,480,570 | |
California Statewide Financing Authority Tobacco Settlement, Series B | 6.000 | 05-01-37 | 2,925,000 | 2,979,741 | |
Cascade Union Elementary School District Election 2016, Series A, GO (C) | 3.750 | 08-01-46 | 250,000 | 262,616 | |
City of Belmont Library Project, Series A (C) | 5.750 | 08-01-24 | 635,000 | 675,782 | |
City of Irvine Community Facilities District, No. 2013-3 Great Park | 5.000 | 09-01-49 | 2,000,000 | 2,142,805 | |
City of Long Beach Alamitos Bay Marina Project | 5.000 | 05-15-45 | 1,000,000 | 1,066,472 | |
City of Long Beach Community Facilities District 6-Pike Project | 6.250 | 10-01-26 | 1,540,000 | 1,544,291 | |
City of Long Beach Harbor Revenue, Series A | 5.000 | 05-15-49 | 2,000,000 | 2,416,640 | |
City of Los Angeles Community Facilities District Cascades Business Park | 6.400 | 09-01-22 | 85,000 | 86,567 | |
City of Los Angeles Department of Airports Los Angeles International Airport, Series C, AMT | 5.000 | 05-15-35 | 1,000,000 | 1,204,802 | |
City of Los Angeles Department of Airports Los Angeles International Airport, Series D, AMT | 4.000 | 05-15-44 | 2,000,000 | 2,156,384 | |
City of Sacramento Greenbriar Community Facilities District No. 2018-3 | 4.000 | 09-01-50 | 600,000 | 642,302 | |
City of San Clemente Community Facilities District, No. 2006-1 | 5.000 | 09-01-46 | 1,955,000 | 2,114,894 | |
City of San Mateo Community Facilities District, No. 2008-1 Bay Meadows | 5.500 | 09-01-44 | 2,000,000 | 2,030,305 | |
City of Vernon Electric System Revenue Series 2022-A (A) | 5.000 | 08-01-40 | 360,000 | 426,826 | |
City of Vernon Electric System Revenue Series 2022-A (A) | 5.000 | 08-01-41 | 400,000 | 473,463 | |
College of the Sequoias Tulare Area Improvement District No. 3 Election of 2008, Series B, GO (C)(D) | 2.769 | 08-01-40 | 2,890,000 | 1,734,486 | |
County of Sacramento Airport System Revenue | 4.000 | 07-01-39 | 1,000,000 | 1,121,807 | |
CSCDA Community Improvement Authority California Essential Housing Revenue Altana Glendale, Series A-2 (B) | 4.000 | 10-01-56 | 1,000,000 | 965,435 | |
CSCDA Community Improvement Authority California Essential Housing Revenue, The Link Glendale, Series A2 (B) | 4.000 | 07-01-56 | 600,000 | 570,928 | |
CSCDA Community Improvement Authority Essential Housing Revenue Parallel Anaheim, Series A (B) | 4.000 | 08-01-56 | 1,000,000 | 951,684 | |
Foothill-Eastern Transportation Corridor Agency Highway Revenue Tolls, Series A | 5.750 | 01-15-46 | 3,000,000 | 3,253,557 | |
Golden State Tobacco Securitization Corp. California Tobacco Settlement Revenue, Series A1 | 5.000 | 06-01-31 | 1,000,000 | 1,199,667 | |
Golden State Tobacco Securitization Corp. Series A | 5.000 | 06-01-45 | 3,250,000 | 3,623,525 | |
Golden State Tobacco Securitization Corp. Series A-1 | 3.500 | 06-01-36 | 1,215,000 | 1,223,839 | |
Golden State Tobacco Securitization Corp. Series A-1 | 5.000 | 06-01-47 | 1,610,000 | 1,627,708 | |
Golden State Tobacco Securitization Corp. Tobacco Settlement Revenue, Series A | 5.000 | 06-01-40 | 2,250,000 | 2,507,074 | |
Golden State Tobacco Securitization Corp. Tobacco Settlement Revenue, Series A | 5.000 | 06-01-40 | 2,750,000 | 3,066,060 | |
Hastings Campus Housing Finance Authority California Campus Housing Revenue, Series A | 5.000 | 07-01-45 | 1,000,000 | 1,115,952 | |
Inglewood Unified School District Series A, GO (C) | 4.000 | 08-01-36 | 555,000 | 628,699 |
4 | JOHN HANCOCK CALIFORNIA TAX-FREE INCOME FUND | QUARTERLY REPORT | SEE NOTES TO FUND’S INVESTMENTS |
Rate (%) | Maturity date | Par value^ | Value | ||
California (continued) | |||||
Inglewood Unified School District Series A, GO (C) | 4.000 | 08-01-37 | 445,000 | $503,020 | |
Inland Valley Development Agency Series A | 5.000 | 09-01-44 | 2,500,000 | 2,666,647 | |
Liberty Union High School District Election 2016, Series B, GO | 3.000 | 08-01-41 | 1,670,000 | 1,702,052 | |
Los Angeles County Public Works Financing Authority Series D | 5.000 | 12-01-45 | 2,000,000 | 2,222,198 | |
Los Angeles County Regional Financing Authority Montecedro, Inc. Project, Series A (C) | 5.000 | 11-15-44 | 1,355,000 | 1,387,078 | |
Los Angeles Department of Water & Power Power Systems Revenue, Series D | 5.000 | 07-01-44 | 1,000,000 | 1,081,397 | |
Los Angeles Department of Water & Power Water System Revenue, Series A | 5.000 | 07-01-50 | 1,000,000 | 1,213,585 | |
Los Angeles Unified School District Series RYQ, GO | 4.000 | 07-01-44 | 1,500,000 | 1,690,383 | |
Lower Tule River Irrigation District Series A | 5.000 | 08-01-28 | 875,000 | 1,042,859 | |
Marin Healthcare District Election of 2013, GO | 4.000 | 08-01-45 | 1,000,000 | 1,080,327 | |
Metropolitan Water District of Southern California Series A | 5.000 | 10-01-49 | 1,500,000 | 1,811,274 | |
Mount Diablo Unified School District Series B, GO (A) | 4.000 | 08-01-36 | 1,335,000 | 1,533,911 | |
M-S-R Energy Authority Natural Gas Revenue, Series B | 6.500 | 11-01-39 | 1,500,000 | 2,213,311 | |
Norman Y. Mineta San Jose International Airport SJC Series A, AMT | 5.000 | 03-01-47 | 1,500,000 | 1,680,521 | |
Oakland Unified School District Series A, GO | 5.000 | 08-01-40 | 1,500,000 | 1,677,786 | |
Orange County Community Facilities District 2017-1 Esencia Village, Series A | 5.000 | 08-15-47 | 2,000,000 | 2,263,365 | |
Pacifica School District Series C, GO (C)(D) | 1.822 | 08-01-26 | 1,000,000 | 922,209 | |
Port of Los Angeles Series A, AMT | 5.000 | 08-01-44 | 2,000,000 | 2,159,090 | |
River Islands Public Financing Authority Community Facilities District, No. 2003-1 | 5.500 | 09-01-45 | 750,000 | 775,127 | |
River Islands Public Financing Authority Community Facilities District, No. 2003-1, Series A | 5.000 | 09-01-48 | 1,250,000 | 1,391,079 | |
River Islands Public Financing Authority Lathrop Irrigation District Electric Revenue (C) | 4.000 | 09-01-35 | 1,125,000 | 1,276,974 | |
Riverside County Transportation Commission Series A | 5.750 | 06-01-48 | 1,000,000 | 1,059,523 | |
Sacramento Municipal Utility District Electric Revenue, Series H | 4.000 | 08-15-45 | 2,000,000 | 2,264,133 | |
San Diego Public Facilities Financing Authority Capital Improvement Projects, Series A | 5.000 | 10-15-44 | 1,000,000 | 1,104,441 | |
San Diego Public Facilities Financing Authority Series A | 4.000 | 08-01-45 | 500,000 | 562,492 | |
San Diego Unified School District Series I, GO (D) | 3.772 | 07-01-39 | 1,250,000 | 651,744 | |
San Francisco Bay Area Rapid Transit District Election 2016, Series C1, GO | 3.000 | 08-01-50 | 1,500,000 | 1,479,671 | |
San Francisco City & County Airport Commission International Airport Revenue, Second Series 2020-B | 4.000 | 05-01-37 | 1,215,000 | 1,370,086 | |
San Francisco City & County Airport Commission Series E, AMT | 5.000 | 05-01-50 | 1,500,000 | 1,717,860 | |
San Francisco City & County Airport Commission Special Facilities Lease, SFO Fuel Company LLC, Series A, AMT | 5.000 | 01-01-47 | 2,000,000 | 2,289,395 |
SEE NOTES TO FUND’S INVESTMENTS | QUARTERLY REPORT | JOHN HANCOCK CALIFORNIA TAX-FREE INCOME FUND | 5 |
Rate (%) | Maturity date | Par value^ | Value | ||
California (continued) | |||||
San Francisco City & County Public Utilities Commission Power Revenue Green Bonds, Series A | 5.000 | 11-01-45 | 1,500,000 | $1,653,621 | |
San Francisco City & County Redevelopment Successor Agency Department of General Services Lease, No. 6, Mission Bay South, Series A | 5.150 | 08-01-35 | 1,250,000 | 1,265,419 | |
San Francisco City & County Redevelopment Successor Agency Mission Bay Project, Series A | 5.000 | 08-01-43 | 1,000,000 | 1,086,099 | |
San Joaquin Hills Transportation Corridor Agency Highway Revenue Tolls, Series A | 5.000 | 01-15-44 | 2,500,000 | 2,762,260 | |
San Joaquin Hills Transportation Corridor Agency Toll Road Revenue, Series A | 4.000 | 01-15-50 | 1,000,000 | 1,094,537 | |
San Joaquin Regional Rail Commission Ace Maintenance Facility Project | 4.000 | 05-01-37 | 490,000 | 558,573 | |
San Joaquin Regional Rail Commission Ace Maintenance Facility Project | 4.000 | 05-01-38 | 460,000 | 522,903 | |
San Joaquin Regional Rail Commission Ace Maintenance Facility Project | 4.000 | 05-01-39 | 730,000 | 828,177 | |
Santa Ana Financing Authority Police Administration & Holding Facility, Series A (C) | 6.250 | 07-01-24 | 3,180,000 | 3,392,197 | |
Santa Ana Financing Authority Prerefunded, Police Administration & Holding Facility, Series A (C) | 6.250 | 07-01-24 | 3,180,000 | 3,397,243 | |
Santa Margarita Water District Community Facilities District, No. 2013-1 | 5.625 | 09-01-43 | 745,000 | 780,109 | |
Santee School District Election of 2006, Series E, GO (C)(D) | 3.298 | 05-01-51 | 1,530,000 | 585,625 | |
South Orange County Public Financing Authority Series A | 5.000 | 08-15-34 | 450,000 | 461,097 | |
South Placer Wastewater Authority California Wastewater Revenue Refunding | 5.000 | 11-01-34 | 430,000 | 568,394 | |
Southern California Public Power Authority Apex Power Project, Series A | 5.000 | 07-01-38 | 1,000,000 | 1,080,677 | |
Southern California Public Power Authority Natural Gas Project Revenue, Series A | 5.250 | 11-01-26 | 2,000,000 | 2,304,646 | |
State of California Construction Bonds, GO | 5.000 | 10-01-49 | 1,000,000 | 1,207,516 | |
State of California Various Purpose, GO | 5.000 | 04-01-32 | 2,000,000 | 2,588,286 | |
Sweetwater Union High School District Ad Valorem Property Tax, GO | 4.000 | 08-01-42 | 500,000 | 519,938 | |
Three Rivers Levee Improvement Authority Special Tax Revenue Refunding Community Facilities District | 4.000 | 09-01-51 | 1,000,000 | 1,073,414 | |
Transbay Joint Powers Authority Tax Allocation, Series A | 5.000 | 10-01-32 | 345,000 | 423,776 | |
Turlock Irrigation District Electricity, Power & Light Revenues | 5.000 | 01-01-41 | 1,000,000 | 1,214,629 | |
University of California Series AZ | 5.000 | 05-15-48 | 1,500,000 | 1,779,332 | |
West Covina Community Development Commission Successor Agency Fashion Plaza | 6.000 | 09-01-22 | 855,000 | 875,531 | |
William S. Hart Union High School District Community Facilities District, No. 2015-1 | 5.000 | 09-01-47 | 1,000,000 | 1,093,327 | |
Puerto Rico 2.3% | 4,571,746 | ||||
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, Series A-1 (D) | 2.662 | 07-01-31 | 1,500,000 | 1,169,585 | |
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, Series A-1 (D) | 4.675 | 07-01-46 | 2,500,000 | 809,028 | |
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, Series A-1 | 4.750 | 07-01-53 | 1,500,000 | 1,655,167 | |
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, Series A-2 | 4.784 | 07-01-58 | 850,000 | 937,966 | |
6 | JOHN HANCOCK CALIFORNIA TAX-FREE INCOME FUND | QUARTERLY REPORT | SEE NOTES TO FUND’S INVESTMENTS |
Par value^ | Value | ||||
Short-term investments 2.3% | $4,823,000 | ||||
(Cost $4,823,000) | |||||
Repurchase agreement 2.3% | $4,823,000 | ||||
Repurchase Agreement with State Street Corp. dated 2-28-22 at 0.000% to be repurchased at $4,823,000 on 3-1-22, collateralized by $5,002,600 U.S. Treasury Notes, 0.125% due 7-15-23 (valued at $4,919,526) | 4,823,000 | 4,823,000 | |||
Total investments (Cost $200,500,185) 101.8% | $207,834,087 | ||||
Other assets and liabilities, net (1.8%) | (3,740,626) | ||||
Total net assets 100.0% | $204,093,461 |
The percentage shown for each investment category is the total value of the category as a percentage of the net assets of the fund. | |
^All par values are denominated in U.S. dollars unless otherwise indicated. | |
Security Abbreviations and Legend | |
AMT | Interest earned from these securities may be considered a tax preference item for purpose of the Federal Alternative Minimum Tax. |
GO | General Obligation |
(A) | Security purchased or sold on a when-issued or delayed delivery basis. |
(B) | These securities are exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be resold, normally to qualified institutional buyers, in transactions exempt from registration. |
(C) | Bond is insured by one or more of the companies listed in the insurance coverage table below. |
(D) | Zero coupon bonds are issued at a discount from their principal amount in lieu of paying interest periodically. Rate shown is the effective yield at period end. |
Insurance coverage | As a % of total investments |
National Public Finance Guarantee Corp. | 3.7 |
California Mortgage Insurance | 3.1 |
Assured Guaranty Municipal Corp. | 2.4 |
Build America Mutual Assurance Company | 1.8 |
Ambac Financial Group, Inc. | 0.3 |
TOTAL | 11.3 |
The fund had the following sector composition as a percentage of net assets on 2-28-22:
General obligation bonds | 10.0% |
Revenue bonds | 89.5% |
Health care | 15.1% |
Other revenue | 13.3% |
Tobacco | 12.2% |
Facilities | 10.5% |
Transportation | 7.8% |
Education | 6.7% |
Development | 5.4% |
Housing | 5.4% |
Utilities | 4.5% |
Airport | 4.5% |
Water and sewer | 3.6% |
Pollution | 0.5% |
Short-term investments and other | 0.5% |
TOTAL | 100.0% |
SEE NOTES TO FUND’S INVESTMENTS | QUARTERLY REPORT | JOHN HANCOCK CALIFORNIA TAX-FREE INCOME FUND | 7 |
DERIVATIVES
FUTURES
Open contracts | Number of contracts | Position | Expiration date | Notional basis^ | Notional value^ | Unrealized appreciation (depreciation) |
10-Year U.S. Treasury Note Futures | 172 | Short | Jun 2022 | $(21,741,562) | $(21,919,250) | $(177,688) |
U.S. Treasury Long Bond Futures | 21 | Short | Jun 2022 | (3,246,922) | (3,290,438) | (43,516) |
$(221,204) |
^ Notional basis refers to the contractual amount agreed upon at inception of open contracts; notional value represents the current value of the open contract.
8 | JOHN HANCOCK CALIFORNIA TAX-FREE INCOME FUND | QUARTERLY REPORT | SEE NOTES TO FUND’S INVESTMENTS |
Notes to Fund’s investments (unaudited) |
Security valuation. Investments are stated at value as of the scheduled close of regular trading on the New York Stock Exchange (NYSE), normally at 4:00 P.M., Eastern Time. In case of emergency or other disruption resulting in the NYSE not opening for trading or the NYSE closing at a time other than the regularly scheduled close, the net asset value (NAV) may be determined as of the regularly scheduled close of the NYSE pursuant to the fund’s Valuation Policies and Procedures.
In order to value the securities, the fund uses the following valuation techniques: Debt obligations are typically valued based on evaluated prices provided by an independent pricing vendor. Independent pricing vendors utilize matrix pricing, which takes into account factors such as institutional-size trading in similar groups of securities, yield, quality, coupon rate, maturity, type of issue, trading characteristics and other market data, as well as broker supplied prices. Futures contracts whose settlement prices are determined as of the close of the NYSE are typically valued based on the settlement price while other futures contracts are typically valued at the last traded price on the exchange on which they trade.
Other portfolio securities and assets, for which reliable market quotations are not readily available, are valued at fair value as determined in good faith by the fund’s Pricing Committee following procedures established by the Board of Trustees. The frequency with which these fair valuation procedures are used cannot be predicted and fair value of securities may differ significantly from the value that would have been used had a ready market for such securities existed.
The fund uses a three-tier hierarchy to prioritize the pricing assumptions, referred to as inputs, used in valuation techniques to measure fair value. Level 1 includes securities valued using quoted prices in active markets for identical securities, including registered investment companies. Level 2 includes securities valued using other significant observable inputs. Observable inputs may include quoted prices for similar securities, interest rates, prepayment speeds and credit risk. Prices for securities valued using these inputs are received from independent pricing vendors and brokers and are based on an evaluation of the inputs described. Level 3 includes securities valued using significant unobservable inputs when market prices are not readily available or reliable, including the fund’s own assumptions in determining the fair value of investments. Factors used in determining value may include market or issuer specific events or trends, changes in interest rates and credit quality. The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Changes in valuation techniques and related inputs may result in transfers into or out of an assigned level within the disclosure hierarchy.
The following is a summary of the values by input classification of the fund’s investments as of February 28, 2022, by major security category or type:
Total value at 2-28-22 | Level 1 quoted price | Level 2 significant observable inputs | Level 3 significant unobservable inputs | |
Investments in securities: | ||||
Assets | ||||
Municipal bonds | $203,011,087 | — | $203,011,087 | — |
Short-term investments | 4,823,000 | — | 4,823,000 | — |
Total investments in securities | $207,834,087 | — | $207,834,087 | — |
Derivatives: | ||||
Liabilities | ||||
Futures | $(221,204) | $(221,204) | — | — |
For additional information on the fund’s significant accounting policies and risks, please refer to the fund’s most recent semiannual or annual shareholder report and prospectus.
| | 9 |